LexisNexis Risk Solutions Named 2021 Insurance Innovator Award Winner in Two Categories from PropertyCasualty360
LexisNexis® Risk Solutions, a leading provider of data, analytics and technology, today announced that its telematics-based, point-of-quote solution for auto insurance carriers – LexisNexis® Telematics OnDemand – received two Insurance Innovator Awards from leading insurance industry publication, PropertyCasualty360. As part of its inaugural program, PropertyCasualty360 received over 180 nominations to determine best-in-class insurance businesses, professionals and solutions.
Awarded best Technology Innovation and Customer Experience Innovation, LexisNexis Telematics OnDemand, a telematics exchange-based solution, shifts the paradigm for usage-based insurance (UBI) by unlocking telematics data at the point of quote, enabling insurers to assess driver risk and to price policies with greater precision in near real-time. Such innovation eliminates the need for UBI trial and monitoring periods and allows insurers to offer faster, more precise and personalized pricing to consumers early in the relationship. Telematics OnDemand delivers scores and attributes that enable carriers to streamline workflows and create more robust predictive models to better segment consumers.
As part of the LexisNexis® Telematics Exchange, Telematics OnDemand makes telematics data truly portable by offering consumers at-the-ready driving data when shopping at any insurer utilizing Telematics OnDemand. When consumers engage with their automaker for connected services, they can take advantage of the option to share their driving behavior data. By opting in to share their telematics-based driving behavior data, the consumer may be able to receive discounts on their insurance, participate in safe driving reward programs or tap into other value-added services.
“It’s an incredible honor to receive not one but two innovation awards. This further validates the power of our full suite of telematics offerings,” said Adam Hudson, vice president and general manager, connected car, LexisNexis Risk Solutions. “Our Telematics OnDemand solution is the prime example of how thoughtful innovation can help bridge the gap between automakers, insurers and their shared customer, and can also provide a better customer experience as consumers look to use their driving behavior in the insurance purchase process. ”
Telematics OnDemand delivers attributes and scores to insurers, harnessing driving behavior data from automakers participating in the Telematics Exchange, including General Motors and Mitsubishi Motors. The exchange was built to ingest and normalize data from a variety of sources such as connected vehicles and aftermarket apps for use throughout the insurance lifecycle. Insurers can then leverage the scores and attributes as early as point of quote as well as throughout the underwriting workflow. Telematics OnDemand also includes an indicator to notify an insurer of available driving behavior data before they start the quoting process; this indicator is available through LexisNexis® Auto Data Prefill, which is used by more than 90% of the insurance market to help streamline the insurance quoting and application process. The data is easily accessed through an insurer’s existing integrations with LexisNexis Risk Solutions, making the deployment of data more efficient without disrupting existing workflows.
Visit our Telematics OnDemand page to learn more about this award-winning solution.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.
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